New Delhi: Realty major DLF has deposited Rs 525 crore with the Supreme Court and will pay the balance by early July to comply with the apex court's direction to deposit Rs 630 crore fine slapped by fair trade regulator CCI.
"The company has deposited Rs 525 crore with Hon'ble Supreme Court against a total penalty of Rs 630 crore. Balance amount shall be deposited by early July," DLF said in an analyst presentation.
In August 2011, the Competition Commission of India (CCI) had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by a Belaire Owners' Association in Gurgaon.
The Supreme Court had said in August last year that the total amount should be deposited within 3 months with its Registry, pending the outcome of the appeal filed by DLF against the May 19 order of the Competition Appellate Tribunal's (COMPAT) upholding the penalty imposed by CCI.
But later in November 2014, the apex court allowed DLF to deposit the remaining Rs 480 crore, out of the Rs 630 crore penalty, in monthly instalments.
Meanwhile, DLF also informed that CCI has passed one more decision in the matter of its housing project 'New Town Heights' in Gurgaon.
"Since, it pertains to same issue and period, no additional penalty has been imposed. The company, based on legal opinion, shall appeal in due course," the presentation said.
Earlier this month, the CCI, in a fresh order against DLF, found the realty giant guilty of indulging in "unfair and abusive" business practices in sale of apartments in a Gurgaon housing project.
CCI has asked DLF Gurgaon Home Developers Pvt Ltd and its group companies to "cease and desist" from such unfair trade practices, but did not impose any fresh monetary penalty as Rs 630 crore fine has already been slapped on DLF for similar violation during the same period in a separate case.
The direction followed complaints filed with CCI against DLF Gurgaon Home Developers, wherein it was alleged that the company had lured home buyers to book apartments at "very attractive" rates in DLF New Town Heights project under a pre-launch scheme.